17 July 2025

Unlocking the value of financial data: industry voices on the proposed Financial Data Access Regulation (FiDA)

A new report by the Euro Banking Association (EBA) outlines the strategic opportunities and challenges under the EU’s proposed Financial Data Access (FiDA) regulation*.

By Daniel Szmukler and Mounaim Cortet

 

 

 

The European financial sector is undergoing a profound transformation. As customer expectations evolve and digital-native players bring increasingly data-centric propositions to market, traditional financial institutions are stepping up their efforts to modernise their data infrastructure and offerings.

In this rapidly changing landscape, the proposed Financial Data Access (FiDA) regulation is intended to become a cornerstone of the EU’s broader digital finance strategy – aimed at empowering consumers, boosting innovation and stimulating competition through open and secure data access. To understand the implications, the Euro Banking Association (EBA) published a report titled: “Financial Data Access (FIDA): The Catalyst for an Open Data Economy.”

Drawing on insights from over 50 senior executives across 15 EU markets through interviews, a broad market survey and a series of dedicated workshops, the report captures the strategic implications, potential responses and practical concerns around the strategic and compliance readiness of the financial sector as it anticipates the arrival of FiDA.

Data is becoming the battleground for competitiveness

FiDA mandates that financial institutions provide real-time access to customer financial data (subject to the customer’s permission) across a broad range of products and customer segments. Building on PSD2, FiDA significantly expands the scope of data access to other financial products, spanning savings, mortgages and other credit agreements, investments, pensions and insurance. It further introduces a compensation model for data holders making data on said products accessible. Importantly, it also calls on the industry to take the lead in building shared data access schemes – backed by binding rules and standards to ensure secure and efficient data access.

Opportunity or threat? Opinions are divided

Industry sentiment on FIDA remains split: 50% of survey respondents see it as a significant source of strategic and business opportunities, while the other 50% view it primarily as a regulatory obligation with potential risks, including customer attrition and revenue loss.

Nonetheless, there are significant potential upsides. Respondents identified key areas where FiDA could deliver value, including:

• streamlining internal operations and driving efficiencies
• enhancing risk evaluation capabilities
• improving existing products and services
• enabling new business models, such as embedded finance and Banking-as-a-Service (BaaS)
• monetising data through structured schemes

However, three key challenges were highlighted by industry leaders regarding FIDA implementation:

1. 86% of survey respondents cited significant costs as a primary concern.
2. 57% pointed to tight implementation timelines.
3. 36% flagged potential scheme fragmentation as a major risk.

Does FIDA balance investment versus value for financial institutions?

Financial services executives are worried about the regulation’s financial impact – 60% of survey respondents estimated that FiDA compliance costs could be at least three times higher than those associated with PSD2, with 50% stating costs would exceed €25 million per institution and some reaching up to €150 million or more.

One of the report’s central takeaways highlights the need for proactive strategic thinking. Given its wide-ranging implications, FiDA raises critical strategic questions for financial institutions, yet over 80% of institutions remain in the early stages of budget planning.

Building the right schemes to avoid fragmentation

FiDA’s unique approach proposes industry-led scheme development to define how data should be accessed, used and governed. These schemes are expected to lay the groundwork for standardisation, cross-sector interoperability and long-term value creation.

However, the report also identifies risks: governance uncertainty, complications in negotiating compensation models and fragmentation across products or markets could delay implementation or undermine the regulation’s benefits. National and sector-level fragmentation remains a real concern, with over half of respondents expecting widely varying implementations across the EU. Survey respondents are also divided as to whether proactive action is needed to address this looming fragmentation. 50% of respondents indicate that scheme discussions should start now, while the other half is either undecided (35%) or favouring a ‘wait and see’ approach (15%).

Looking ahead: ‘No-regret moves’ for financial institutions

While no single ‘right’ strategy exists, industry leaders in the report emphasise the importance of making informed decisions and pursuing strategic ‘no regret moves’. Recommended next steps for financial institutions include:

• ensuring organisational strategic alignment and awareness
• participating in collaborative scheme development discussions
• engaging with initiatives like the Berlin Group, SEPA SPAA, Giro API
• investing in scalable, compliant data infrastructure

To explore the full findings, EBA members can download the full report.

*The FiDA regulation proposal, as published by the European Commission on 28 June 2023, was used as a basis for the industry discussions and assessment reflected in the EBA report.